Incident: On June 21, 2016, the company announced an investment of 20 million yuan to invest in Suzhou Boyuan Rongtian, accounting for 15% of the shares, vertically deepening its layout in the post-railway service market. On August 1, the company issued another announcement stating that its shareholding company Boyuan Rongtian will be listed on the national SME share transfer system. Comment: Boyuan Rongtian is a leading enterprise in the field of post-railway service software development. Relying on the strong resources of Yicheng Co., Ltd. and Tsinghua University, the company has formed two core products through intensive work in railway projects over the years: an integrated service management platform system for passengers and an intelligent station integrated management system for workers. Take the passenger service system management integration platform as an example. The platform integrates functions such as integrated display, broadcasting, monitoring, help, clock, inquiry, etc., and is interconnected with systems such as fire alarms and building automation, so as to achieve intelligent and integrated passenger services. The company's core products have a coverage rate of 85% in the passenger service systems of 18 railway bureaus across the country, and is in an absolute leading position in the industry. Investing in Boyuan Rongtian is a key part of the company's entry into the post-railway service market. Boyuan Rongtian has an absolute leading position in its business scope and has a steady foundation, paving the way for the company to enter the post-railway service field. Its business performance was very impressive. In terms of performance, the company's traditional main business was limited by fluctuations in the railway investment cycle, opening up a lot of room for growth in the company's medium-term profit. At the same time, Boyuan Rongtian is also an upstream enterprise of E-WeiXun, which was previously acquired by the company. The three complement each other in terms of business, achieving the company's complete layout in the field of post-railway services. Big data on scarce resources and travel helps companies compete in the field of consumer finance. Data is the most important resource for consumer finance. The passenger service management platform built by Boyuan Rongtian can help it obtain valuable big data on railway travel, such as true personal information of travelers (age, whether they are students, places they often travel to, etc.), remaining ticket information, ticket price information, passenger purchase information, real-time passenger movements, etc. These precious data provide important resources for the company to enter consumer finance. On the one hand, companies can screen and package massive amounts of big travel data and provide API interfaces to consumer finance companies; on the other hand, companies can also use this big data to achieve personal credit information, thereby injecting consumer loans into the railway scene, so that consumer finance can truly “fly into the homes of ordinary people.” Investment suggestions: The company's traditional main business relies on the national railway investment cycle and is firmly in the leading position in the industry; at the same time, the prospects for the post-railway service sector, which the company has vigorously deployed through equity participation and acquisition, are clear; in the future, the company will focus on developing consumer finance business, with the dual advantages of card licenses and resources, and the situation is very good. We are optimistic about the company's long-term development. We expect EPS in 2016-2018 to be 0.27, 0.35, and 0.44 yuan respectively, covering the “buy-A” rating for the first time, with a target price of 15 yuan for 6 months. Risk warning: industry expansion falls short of expectations; rapid decline in railway investment; consumer finance policy changes